"US debt is largely fictitious"

"US debt is largely fictitious"

The United States is in serious debt but the latest numbers show the US national debt has surpassed $14 trillion. From June, 2010 until the end of the year the US racked up another trillion dollars worth of debt. Economist Michael Hudson says the important thing to realize is the government doesn't borrow money it creates it, the whole issue of whether the US has a debt problem is largely fictitious.

Stimulus failed, austerity next for US?

Stimulus failed, austerity next for US?


As many Americans continue to struggle with the economy worsening, is the United States' economy headed towards austerity measures? President Obama told Americans that we need to make broad sacrifice in order to correct the long term fiscal course. Joe Weisenthal says the most likely scenario is some kind of long term sacrifice, such as reducing the cost of Social Security or Medicare.